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Money As Electricity

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  • Anne Mayhew

Abstract

Morris Copeland created the flow-of-funds accounting that is used by the Federal Reserve System and the financial press to present and explain data on crucial spending changes among various sectors of the US economy. Copeland also argued that it would be more accurate and useful to use electricity rather than water as a metaphor for money and for the accounts that he created. This paper explores Copeland's mid-twentieth-century argument, why it was too radical for most economists when he first presented it, and why it makes sense, particularly in this era of electronic funds, to adopt his full proposal.

Suggested Citation

  • Anne Mayhew, 2011. "Money As Electricity," Journal of Cultural Economy, Taylor & Francis Journals, vol. 4(3), pages 245-253.
    • Handle: RePEc:taf:jculte:v:4:y:2011:i:3:p:245-253
    DOI: 10.1080/17530350.2011.586848
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    Cited by:

    1. Anne Mayhew, 2018. "An Introduction to Institutional Economics: Tools for Understanding Evolving Economies," The American Economist, Sage Publications, vol. 63(1), pages 3-17, March.

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